Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.021%

Price spread now: BloFin against Hotstuff−0.062%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hotstuff Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. BloFin is 0.062% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.062% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 3.6 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BTC-PERP	85,437	−0.0080	get 0.0010% / 1h	55m 54s	$8K	$3K	50x
Short	BloFin BTC-USDT	85,384.4	−0.0023	pay 0.0023% / 8h	1h 55m	$420.4M	$683.7M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hotstuff. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HotstuffbpFee BloFinbpOrdersPrice spread, now −0.062%Rate

Funding earned: $11.93
Price spread: −0.062% → 0.000%: −$6.16
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$11.23
Costs to cover: 0.170%
Break-even: 13.6 days

Slippage unknown: Hotstuff: no order-book sample; BloFin: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hotstuff no order-book sample	—	—	—	—	—
Sell BloFin live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	6.6 bp −$661	8.5 bp −$4,240

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	−0.0111%	1h	85,444	+0.008%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERPlong	−0.0080%	1h	85,437	long leg	$8K	$3K	50x
KuCoin XBTUSDTM	−0.0049%	8h	85,347.3	−0.105%	$927.0M	$772.1M	125x	as long as short
BloFin BTC-USDTshort	−0.0023%	8h	85,384.4	−0.062%	$420.4M	$683.7M	150x
Aster BTCUSDT	−0.0008%	8h	85,345.7	−0.107%	$513.2M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,390	−0.055%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,380.2	−0.066%	$353K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,378.1	−0.069%	$529K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,368.6	−0.080%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0038%	1h	85,366.6	−0.082%	$24.5M	$222.7M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,405	−0.037%	$339K	$26.8M	52x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,336	−0.118%	—	$17.5M	—	as long as short
Bitget BTCUSDT	+0.0087%	8h	85,350	−0.102%	$2.95B	$5.18B	150x	as long as short
Phemex BTCUSDT	+0.0088%	8h	85,361.2	−0.089%	$149.4M	$508.1M	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,362.9	−0.087%	$187.8M	$955.7M	100x	as long as short
Lighter BTC	+0.0096%	1h	85,366.6	−0.082%	$170.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,367.2	−0.082%	$23.6M	$147.1M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,368	−0.081%	$8.3M	$56.0M	100x	as long as short
MEXC BTC_USDT	+0.0096%	8h	85,354.8	−0.096%	$5.02B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,348.9	−0.103%	$2.4M	$6.7M	20x	as long as short
Deribit BTC-PERPETUAL	+0.0097%	1h	85,394.6	−0.050%	$866.8M	$1.63B	50x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,354.6	−0.096%	$9.43B	$24.99B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,342	−0.111%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,425	−0.014%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,441	+0.005%	$3.75B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,403.9	−0.039%	$40.1M	$602.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,352.1	−0.099%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,360	−0.090%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,361	−0.089%	$3.8M	$17.3M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,379.8	−0.067%	$4.6M	$98.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,360.9	−0.089%	$5.51B	$10.95B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,343.3	−0.110%	$36.8M	$179.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,449.7	+0.015%	$155.0M	$560.8M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,371.2	−0.077%	$279.6M	$950.1M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,473.2	+0.042%	$214.6M	$167.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,469.9	+0.039%	$139.7M	$314.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,420.3	−0.020%	$30.1M	$206.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,436.9	0.000%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,362	−0.088%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,361.9	−0.088%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,360.6	−0.089%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,396.4	−0.048%	$194K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,335.3	−0.119%	$30.0M	$48.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,368.5	−0.080%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,351	−0.101%	$59.7M	$336.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,366.5	−0.083%	$2.26B	$960.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,476.9	+0.047%	$684.3M	$499.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,330.7	−0.124%	$44.5M	$240.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,388.3	−0.057%	—	$106.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,392.5	−0.052%	$117.0M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0122%	1h	85,352.7	−0.099%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,369.1	−0.079%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,392.5	−0.052%	$8.8M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0204%	8h	85,394	−0.050%	$11.5M	$743.3M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0238%	1h	85,444.1	+0.008%	$79K	$229K	20x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,420.3	−0.020%	$690K	$8.0M	30x	as long as short